FEDERATED AMERICAN LEADERS FUND, INC.
(formerly, American Leaders Fund, Inc.)
Class B Shares
FEDERATED EQUITY INCOME FUND, INC.
(formerly, Liberty Equity Income Fund, Inc.)
Class B Shares
FEDERATED FUND FOR U.S. GOVERNMENT SECURITIES, INC.
(formerly, Fund for U.S. Government Securities, Inc.)
Class B Shares
FEDERATED MUNICIPAL SECURITIES FUND, INC.
(formerly, Liberty Municipal Securities Fund, Inc.)
Class B Shares
FEDERATED UTILITY FUND, INC.
(formerly, Liberty Utility Fund, Inc.)
Class B Shares
LIBERTY U.S. GOVERNMENT MONEY MARKET TRUST
Class B Shares

SUPPLEMENT TO PROSPECTUSES DATED MAY 31, 1996, MAY 31, 1996, MAY 31, 1996,
MAY 31, 1996, APRIL 30, 1996 AND MAY 31, 1996, RESPECTIVELY.
1.Please delete in its entirety the section entitled ``ELIMINATION OF
CONTINGENT DEFERRED SALES CHARGE''on page 20 of the Federated American
Leaders Fund, Inc. prospectus, page 24 of the Federated Equity Income Fund,
Inc. prospectus, page 21 of the Federated Fund for U.S. Government
  Securities, Inc. prospectus, page 21 of the Federated Municipal
Securities Fund, Inc. prospectus, page 25 of the Federated Utility Fund,
Inc. prospectus and page 16 of the Liberty U.S. Government Money Market
Trust prospectus, respectively, and replace with the following:
     `ELIMINATION OF CONTINGENT DEFERRED SALES CHARGE
     The contingent deferred sales charge will be eliminated with respect
     to the following redemptions:  (1) redemptions following the death or
     disability, as defined in Section 72(m)(7) of the Internal Revenue
     Code of 1986, of the last surviving shareholder; (2) redemptions
     representing minimum required distributions from an Individual
     Retirement Account or other retirement plan to a shareholder who has
     attained the age of 70 1/2; (3) involuntary redemptions by the
     Fund/Trust of Shares in shareholder accounts that do not comply with
     the minimum balance requirements; and (4) qualifying redemptions of
     Class B Shares under a Systematic Withdrawal Program.  To qualify for
     elimination of the contingent deferred sales charge through a
     Systematic Withdrawal Program, the redemptions of Class B Shares must
     be from an account: that is at least 12 months old, has all Fund/Trust
     distributions reinvested in Fund/Trust

     Shares, and has a value of at least $10,000 when the Systematic
     Withdrawal Program is established.  Qualifying redemptions may not
     exceed 1.00% monthly of the account value as periodically determined
     by the Fund/Trust.  For more information regarding the elimination of
     the contingent deferred sales charge through a Systematic Withdrawal
     Program contact your financial intermediary or the Fund/Trust.  No
     contingent deferred sales charge will be imposed on redemptions of
     Shares held by Directors/Trustees, employees and sales representatives
     of the Fund/Trust, the distributor, or affiliates of the Fund/Trust or
     distributor, and their immediate family members; employees of any
     financial institution that sells Shares of the Fund/Trust pursuant to
     a sales agreement with the distributor; and spouses and children under
     the age of 21 of the aforementioned persons.  Finally, no contingent
     deferred sales charge will be imposed on the redemption of Shares
     originally purchased through a bank trust department, an investment
     adviser registered under the Investment Advisers Act of 1940 or
     retirement plans where the third party administrator has entered into
     certain arrangements with Federated Securities Corp. or its
     affiliates, or any other financial institution, to the extent that no
     payments were advanced for purchases made through such entities.  The
     Fund/Trust reserves the right to discontinue or modify the elimination
     of the contingent deferred sales charge.  Shareholders will be
     notified of a discontinuation.  Any Shares purchased prior to the
     termination of such waiver would have the contingent deferred sales
     charge eliminated as provided in the Fund's/Trust's prospectus at the
     time of the purchase of the Shares.  If a shareholder making a
     redemption qualifies for an elimination of the contingent deferred
     sales charge, the shareholder must notify Federated Securities Corp.
     or the transfer agent in writing that the shareholder is entitled to
     such elimination.''
                                                            October 1, 1996
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 313914202
Cusip 313915209
Cusip 314182205
Cusip 313913204
Cusip 314286204
Cusip 531485209
014036 (10/96)





FEDERATED AMERICAN LEADERS FUND, INC.
(formerly, American Leaders Fund, Inc.)
Class B Shares
FEDERATED EQUITY INCOME FUND, INC.
(formerly, Liberty Equity Income Fund, Inc.)
Class B Shares
FEDERATED FUND FOR U.S. GOVERNMENT SECURITIES, INC.
(formerly, Fund for U.S. Government Securities, Inc.)
Class B Shares
FEDERATED MUNICIPAL SECURITIES FUND, INC.
(formerly, Liberty Municipal Securities Fund, Inc.)
Class B Shares
FEDERATED UTILITY FUND, INC.
(formerly, Liberty Utility Fund, Inc.)
Class B Shares
LIBERTY U.S. GOVERNMENT MONEY MARKET TRUST
Class B Shares

SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 1996, MAY
31, 1996, MAY 31, 1996, MAY 31, 1996, APRIL 30, 1996 AND MAY 31, 1996,
RESPECTIVELY.

Please insert the following directly after the section entitled `REDEEMING
SHARES''on page 14 of the Federated American Leaders Fund, Inc. Statement
of Additional Information (`SAI''), page 18 of the Federated Equity Income
Fund, Inc. SAI, page 11 of the Federated Fund for U.S. Government
Securities, Inc. SAI, page 12 of the Federated Municipal Securities Fund,
Inc. SAI, page 16 of the Federated Utility Fund, Inc. SAI and directly
following the section entitled `REDEMPTION IN KIND'' on page 13 of the
Liberty U.S. Government Money Market Trust SAI:

     `ELIMINATION OF THE CONTINGENT DEFERRED SALES CHARGE
     The amounts that a shareholder may withdraw under a Systematic
     Withdrawal Program that qualify for elimination of the Contingent
     Deferred Sales Charge may not exceed 12% annually with reference
     initially to the value of the Class B Shares upon establishment of the
     Systematic Withdrawal Program and then as calculated at the annual
     valuation date.  Redemptions on a qualifying Systematic Withdrawal
     Program can be made at a rate of 1.00% monthly, 3.00% quarterly, or
     6.00% semi-annually with reference to the applicable account valuation
     amount.  Amounts that exceed the 12.00% annual limit for redemption,
     as described, may be subject to the Contingent Deferred Sales Charge.
     To the extent that a shareholder exchanges Shares for Class B Shares
     of other Federated Funds, the time for which the exchanged-for Shares
     are to be held will be added to the time for which exchanged-from
     Shares were held for purposes of satisfying the 12 month holding
     requirement.  However, for purposes of meeting the $10,000 minimum
     account value requirement, Class B Share accounts will not be
     aggregated.''
                                                            October 1, 1996



Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 313914202
Cusip 313915209
Cusip 314182205
Cusip 314286204
Cusip 313913204
Cusip 531485209
014093 (10/96)